75% using machine learning report on an increase in customer satisfaction

Friday, February 8, 2019

embrace machine leaning

The beginning of a new year is as good a reason as any to take a look at some of the marketing trends gaining traction. This is the last of ten THOUGHTS addressing significant trends that will be important to marketers in 2019. Some have been around for a while, and others are new.

Each of these trends reflects the evolving nature of consumers, the growth in smarter and smarter technology, and the increasing complexity of the markets in which we operate.

Forbes magazine reports that some 84% of businesses in the United States are now embracing machine learning. The reasons are clear: 75% of organisations using machine learning report an increase in customer satisfaction of greater than 10%.

Research suggests that the use of machine learning and AI will increase even more rapidly in 2019 than it has in recent years. The predictions are for huge growth and multiple benefits. So, what is machine learning? Investopedia defines it as follows:

A field of artificial intelligence (AI) that keeps a computer’s built-in algorithms current regardless of changes in the worldwide economy.

Wikipedia defines machine learning as;

The scientific study of algorithms and statistical models that computer systems use to improve their performance on a specific task progressively. Machine learning algorithms build a mathematical model of sample data, known as “training data”, in order to make predictions or decisions without being explicitly programmed to perform the task.

Machine learning is all about using algorithms to automatically collate and analyse data in a way that will facilitate effective, customer-relevant marketing decisions. Machine learning or AI provides for faster more accurate decision making. The applications of machine learning in marketing include:

Smart content curation

Programmatic media buying

Advertising targeting

Lead scoring

Re-targeting

Chatbots

Predictive customer service

Dynamic emails

The benefits of machine learning in the marketing context include increasing reach, inspiring action, converting sales, and encouraging repeat purchase and referral.

The technology that facilitates machine learning assisted marketing is not always expensive and can take a very short time to pay for itself.

THOUGHT

Look at the benefits offered by machine learning and AI more broadly to improve the efficiency and effectiveness of your marketing.

Use machine learning to understand your customers better and respond to their needs and expectations.Identify the machine learning technologies that you can apply cost-effectively to reduce costs and increase sales.